ICICI Prudential Life Insurance Co. has received capital markets regulator Securities and Exchange Board of India’s (Sebi) approval to raise an estimated Rs.5,000 crore through an initial public offering, the first by an insurer in India and the biggest in nearly six years.
• The company, which filed the draft red herring prospectus with the Sebi on 18 July, got the regulator’s approval on 2 September, as per the latest update.
• The insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings.
• Singapore’s Temasek and PremjiInvest are also shareholders.
• ICICI Bank has around 68% stake in the insurer, while Prudential has 26%.
• The public offer comprises 181.34 million equity shares of ICICI Prudential Life, representing about 12.65% of its equity share capital for cash, through an offer for sale by ICICI Bank, as per the draft papers.
• Prudential will not dilute its stake in the IPO of ICICI Prudential Life, while ICICI Bank will be selling its 12.65% stake.